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City Council Approves Resolution to Save $768,000 by Paying Off Debt Early

Posted Date: 12/12/2013 9:00 AM

The City of Richardson will save nearly $768,000 in interest payments by paying off the remainder of the 2004 Taxable General Obligation Refunding Issue six years early. The City paid off nearly $2.1 million in 2013 and will pay the remaining $1.8 million in principal in 2014. By paying this debt off early, the City avoids paying applicable interest each year from 2013 through 2020.

The City Council on Monday approved a resolution to pay off the debt early. Watch a work session presentation from last week about the early payment at bit.ly/1jmnx7Q.